Press Releases

Financial Statements Q1 2017 - Leumi reports a net profit of NIS 622 million ($171 million) in the first quarter of 2017 – an increase of 36% compared with the corresponding period last year

For the first time in 6 years, the Bank will distribute NIS 124 million ($34 million) in dividends

25.05.2017

Net profit of NIS 622 million ($171 million) in the first quarter of 2017. The increase in profit mainly resulted from an increase in profitability from core business activity

Comprehensive income of NIS 908 million ($250 million) in the first quarter of 2017.

Net return on equity in the first quarter of 2017 (on an annual basis) reached 8.1%.

Return of comprehensive income on equity in the first quarter of 2017 (on an annual basis) reached 12%.

For the first time in 6 years, the Bank will distribute NIS 124 million ($34 million) in dividends.

In accordance with the Bank's Strategy:

Credit to the public increased by NIS 2.8 billion ($771 million) compared with December 31, 2016 (an increase of 4% in annual terms). Excluding the effect of the shekel appreciation, the increase in credit amounted to NIS 4.8 billion ($1,322 million).

Net interest income increased by 13.2%, compared with the corresponding period last year.

Credit loss expenses amounted to NIS 101 million ($27.8 million), compared with credit loss income of NIS 123 million ($33.9 million) in the corresponding period last year.

A decrease of NIS 56 million ($15 million) in salary expenses (4.3%), when excluding one-time payments, compared with the corresponding period last year.

A significant improvement in the efficiency ratio which reached 64.9%, compared with a ratio of 74.1% in the corresponding period last year.

The core capital ratio (Tier I) reached 11.02%, while the capital adequacy ratio reached 14.82%. The capital adequacy will allow the Bank to further expand its activities in all business lines.

Balance sheet parameters:

The Group's equity as of March 31, 2017 amounted to NIS 32.3 billion ($8.9 billion), compared with NIS 31.3 billion ($8.6 billion) as of December 31, 2016 (an increase of 2.9%).

The leverage ratio as of March 31, 2017 reached 6.9%, compared to the Bank of Israel minimal threshold, which is 6%.

Net credit to the public as of March 31, 2017 amounted to NIS 264.7 billion ($72.9 billion), compared with NIS 261.9 billion ($72.1 billion) as of December 31, 2016.

Deposits of the public as of March 31, 2017 amounted to NIS 341.7 billion ($94.1 billion), compared with NIS 346.9 billion ($95.5 billion) as of December 31, 2016 (the decrease results from a decline in the foreign exchange rate).